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Are You Ready to Retire in 2026?
When making your retirement decision, there are some things you should take into consideration. Your health, your expected longevity (of course no one knows how long they are going to live, so look at your family history), your other retirement funds, 401(k)s, IRAs, savings, etc., and how heavily dependent you will you on your Social Security benefits, If you are married, you need to consider the surviving spouse as they will only be able to keep the highest benefit available, and the smaller benefit will stop.
Look at your earnings statement to confirm you have at least 35 years of earnings; if not, you may want to consider working a little longer. Social Security determines your benefit amount on your highest 35 years of earnings, and when you don’t have 35 years of earnings, they add zeros to make 35 years, which will reduce the amount of your benefit. This calculation will result in a smaller benefit. If you find you don’t have 35 years of earnings, each extra year you continue to work will replace one of those years.
Maurie Backman has written an article about considering working longer to increase your Social Security benefit amount. To read the entire article, click here…
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